GSE set for first IPO since 2018

Kasapreko is planning its first traditional IPO since 2018. The company aims to offer up to 25 percent of its shares. This move will allow public ownership in a leading Ghanaian manufacturing brand.

Richard Adjei, Kasapreko's Managing Director, shared the news at the GSE in Accra. He explained that the IPO is part of a strategy to optimize capital structure. This strategy supports regional growth and market diversification.

Adjei stated, “We are pursuing an optimal mix of debt and equity.” This approach will help expand both domestically and across Africa. It will also enhance stakeholder engagement and access to long-term capital.

The announcement follows strong financial results for Kasapreko. In 2024, the company reported a profit after tax of GH¢137.7 million. This was a significant increase from GH¢20.4 million in 2023, showing 574 percent growth.

Revenue also rose by 45 percent to GH¢2.7 billion due to strong domestic sales and export demand. The positive trend continued into 2025 with a net profit of GH¢47.2 million in Q1. This compares favorably to GH¢16.6 million in Q1 2024.

Revenue increased by 52 percent year-on-year during this period. Management attributes this success to volume growth, operational efficiency, and cost management.

Kasapreko holds about 45 percent of Ghana's local beverage market and operates in 14 African countries. Proceeds from the IPO will strengthen its position in Ghana and expand its product range into food segments.

Last year, Kasapreko raised GH¢350 million through a bond issuance on the Ghana Fixed Income Market (GFIM). This attracted strong interest from institutional investors, reflecting confidence in the company's fundamentals.

Abena Amoah, Managing Director of GSE, welcomed Kasapreko’s listing plans as significant for Ghana’s capital market. She noted that it highlights the exchange's maturity and potential for long-term growth financing.

Amoah expressed optimism that this would encourage more large companies to consider listing on the exchange. She referenced President John Dramani’s recent commitment to supporting capital market development.

The broader market has reacted positively recently; the GSE Composite Index gained 7.92 percent over four weeks and increased by 33.39 percent year-to-date.

Analysts believe Kasapreko’s IPO could revitalize GSE and inspire new listings from manufacturing sectors traditionally underrepresented on the bourse. It may also set a precedent for indigenous companies seeking public capital for growth opportunities.

If successful, this listing could enhance exchange depth and liquidity while improving corporate governance standards through increased disclosure.

Founded in 1989, Kasapreko has become one of Ghana’s largest beverage producers with alcoholic and non-alcoholic products. The company has established significant export markets across Africa while investing in technology and supply chain infrastructure.

Kasapreko has not yet announced its final offer price or timeline for regulatory approvals but expects further details soon ahead of the formal IPO launch.